Landi Renzo

Investor Presentation • Jul 18, 2022

Investor Presentation

July 2022

Disclaimer

This document has been prepared by Landi Renzo S.p.A for use during meetings with prospects, customers, investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations

Highlights

Investment Highlights

• growth

3

Our mission is to provide solutions for the energy transition

	Green Transportation		Clean Tech Solutions
Hydrogen and Renewable Natural Gas
OEM Heavy Duty and Off Road	OEM Passenger cars	Clean Fuel Transformation	Infrastructure Equipment
• Components and full systems for Hydrogen and RNG/CNG/LNG*	• RNG/CNG/LPG as effective and efficient solutions to reduce emissions • H2 on LCV after 2026	• Fuel System to convert petrol light and mid duty into a CNG/LPG(1) bi-fuel vehicle	• RNG and Hydrogen compression solutions from generation to refueling stations • CNG compression for gas recovery and refueling stations
Different projects on FCEV and H2- Internal Combustion Engines Already active in the Hydrogen	~30% MS – ~25% MS –	Market leadership position Green Transportation Clean Tech Solutions	Global presence ~ 85% export – Green Transportation ~ 95% export – Clean Tech Solutions

Highlight

Landi Renzo Group supports the Hydrogen & Biomethane evolution, from compression at generation to dedicated on-vehicle solutions

Green Transportation

Landi Renzo Group offers a portfolio of advanced components and systems for Medium & Heavy Duty vehicles and Passenger Car applications

Landi Renzo Group offers a portfolio of advanced components and systems for Medium & Heavy Duty vehicles and Passenger Car applications
M&HD & Off-road	M&HD System integration	Passenger & Light Duty
Injectors Pressure regulators Feeding System Pressure regulators Injection Integrated Control Units Valves FC Control unit System manifold	• Complete vehicle modification • System Integration of components and subsystems • Layout definition • Calibration • Test • Homologation	Pressure regulators Electronic Control Units Kit conversion systems Valves	Injection systems
• Landi Renzo Group supplies major HD OEMs with components for monofuel CNG / LNG engines, as well as hydrogen components used in both FCEV and H2 ICE applications	• Landi Renzo USA provides CARB and EPA certified natural gas systems	• CNG and LPG components for OEM applications, supporting fuel line integration into the original engine • Full conversion kits, which can be applied to a broad range of models for retrofitting to clean fuel technology

SAFE&CEC is a leading supplier of tailor made compression solutions for Clean Tech Solutions

The overall share of alternative fuel M&HD vehicles is expected to grow in the coming years, with hydrogen and natural gas playing a key role M&HD worlwide sales

(m units)

• Alternative fuels are projected to change the landscape of a market traditionally dominated by diesel-powered vehicles 3,8 5%
• Gas today and hydrogen in the future will play an increasing role in M&HD transportation, going to represent 9% of total sales by 2025, compared to 2% today • Electric trucks cannot be used for long-haul applications, due to the high payload of batteries, long recharging time and short autonomy range • Hydrogen technology is gaining momentum, with both FCEV and ICE applications 13% 7%
• 75%

RNG-fuelled trucks seem to be the most preferable alternative to diesel-M&HD vehicles both in the short and in the long terms

RNG-fuelled trucks seem to be the most preferable alternative to diesel-M&HD vehicles both in the short and in the long terms
	RNG		Electric		FCEV
	Short term	Long term	Short term	Long term	Short term	Long term
Total Cost of Ownership	●	◕	◔	◑	○	◕
Product range	●	●	◔	◑	●	●
Technical feasibility	●	●	◔	◑	◔	◕
Tank-to-wheel Emissions	◑	◑	-	-	-	-
	• Long-haul transportation		• Inner city distribution		• Long-haul transportation • Urban buses in specific regions

• The Natural Gas market, even if mature, is keeping growth driven by selected geographies (India, Russia, MeA and LatAm) • Biomethane is projected to grow double digit in the coming years, thanks to Europe and to the US, where many States are implementing policies to support RNG development • Hydrogen growth is expected to accelerate in the 2025-2030 period Our Clean Tech Solutions are used in different applications to exploit the potential of CNG, RNG and Hydrogen in the energy transition 2020 2030F

• Hydrogen MtH2
• 196 10,8%
• 10.500 • More than 70Billion Euros have already been allocated to projects worldwide for the production and distribution of Hydrogen, with infrastructure for refueling stations (HRS) development having a fundamental role for the expansion of the hydrogen-mobility
• 95% 93% 7% 5% 2030E • Several countries have already announced targets to expand their Hydrogen refueling network, thus driving public refueling stations' growth to more than 2.500 units by 2025 (of which more than 800 in Europe) and more than 10.000 by 2030
• Global refueling stations expected to grow at a 4,4% CAGR until 2025 and than keep growing until 2030
• Asia remains the largest market, with India pulling the growth thanks to the Government's plans, with Russia and Europe also forecasted to grow above average
• US market expected to grow driven by RNG penetration in transportation

India, China, and the US are expected to be high growing markets in the near future for RNG, Hydrogen and Natural Gas

• resource potential to upgrade biogas and is investing hugely in H2
• Several policies are being implemented to sustain the development of RNG and H2, exploiting the available resources
• forecasted to grow at a 25% CAGR in the next by 2025, driving a strong growth of Natural Gas-powered trucks and buses • Different OEMs are launching new
• construction of Hydrogen Refilling Stations, with California targeting 1.000 new stations by 2030

• dedicated solution for RNG and H2

• decarbonization, which includes consistent investments in hydrogen other technologies

• build H2 infrastructure to have 1 million H2 vehicles on road by 2030
• Reform Commission committed to use biogas to reduce coal consumption in rural regions by 50 megatons and build 3 to 4'000 biogas upgrading facilities Source: Internal elaboration on publicly available data
• «zero-emissions» target by 2070, aims at increasing the share of Natural Gas in the energy mix, from the current 6% to 15% by 2030
• Government will invest USD 66 billion in the building of gas infrastructure is expecting to reach 98% of the population with more than 10.000 filling stations • Additionally, the Indian Government has
• announced the construction of 5.000 biogas plants that will also be capable of producing RNG

REPowerEU, the European Commission's plan to reduce dependency from Russian fossil fuels, will benefit the Clean Tech Solutions market • €300bn investments in the 2022-2030 period produce 35 bcm / y of renewable gas (construction of up to

The European commission developed a plan to make Europe independent from Russian fossil fuels well before 2030, thus accelerating the Energy Transition: • Strong focus on RNG and Hydrogen as clean • Development of pan-European networks • Provide incentives for the implementation of the

• energy sources
• policies

Initiatives the can affect LRG activities

Short term

• Approval of first EU-wide hydrogen projects by the summer
• Increase the production of biomethane by tenfold to 4.000 new biomethane plants)

Long term (by 2027)

• A hydrogen accelerator to build 17.5 GW of electrolysers by 2025 to fuel EU industry with homegrown production of 10 million tons renewable hydrogen • A modern regulatory framework for hydrogen Source: European Commission ¹²
• Around 30% of EU primary steel production is expected to be decarbonized based on renewable hydrogen by 2030

The Group Strategy: three pillars to support growth and value creation

	Green transportation	Clean Tech Solutions
Light Duty	M&HD
Consolidate our market leadership, improve profitability and cash generation	Leverage Metatron capabilities to be a leader in components and systems for Hydrogen, LNG and CNG solutions	Exploit the wave of investments sustaining the energy transition (H2, RNG, CNG)
• Clean Conversion: target 30% global market share in AM thanks to established competitive positioning and the entering in new markets even through dedicated JVs • OEM: continue to invest in India and to exploit existing relationships with European OEMs to maintain current market share. Leverage H2 knowhow for new potential applications	• Consolidate leadership in LNG/CNG/RNG applications • Target a market share of 35% worldwide by 2025 and be the leader in feeding systems for ~ Hydrogen solutions (FCEV & ICE) • Exploit opportunities for H2 pressure management system on other applications, from aerospace to naval and infrastructure	• Target more than 30% market share in CNG/RNG compression, expanding its application along the gas value chain • Anticipate Hydrogen global adoption, with the ~ goal to be one of the main players in hydrogen compression equipment targeting a 20% market share by 2025
	Strong focus on strategy execution and cost optimization along the different businesses, exploiting opportunities for external growth, with the goal to reach double digit Ebitda
2022 2025	2022 2025	2021 2025

The Strategic Plan forecasts 'Double Digit' growth in turnover and EBITDA

			Group strategy
The Strategic Plan forecasts 'Double Digit' growth in turnover and EBITDA
Strategic Vision - Goals BU Infrastructure: • Growth in the hydrogen compression systems market		Key Financials (2021-2025) CAGR 21-25 Revenues	CAGR 21-25 Ebitda adjusted
• Consolidate presence in RNG • Reinforce the business of servicing & spare parts • Focus on new development in gas & H2 treatment, gas & H2 recovery (1) e CO 2	Landi Renzo Group:	> 12%	> 25%
OEM – MHD: • Integration of Metatron • Increase penetration in India and China	Clean Tech Solution:	> 15%	> 25%
• Enter the Energy Fuel System Storage market in the US and the H2 (1) and RNG valves	Green Transportation	> 10%	> 25%
OEM – Passenger Cars & AfterMarket – Electronic Equipment: • Focus on margin and efficiency • Growth in emerging markets	Of which OEM – MHD • Revenues' CAGR21-25	division: : > 30%
Gruppo Landi Renzo: • Strengthen the Management Team and reach best in class operational efficiency	• 20% of sales consisting	of	Hydrogen-related products

There are different key enablers for the new Transformational Journey of the Group

Strategic acquisitions and M&A	New Investor and Share Capital Increase structure	enablers for the new Transformational Journey of the Group New Board of Directors & reinforced Management team
• In August 2021 Landi Renzo announced the acquisition of Metatron, a leading T1 supplier of Hydrogen, CNG/LNG and H2 components, with a strong focus on the Mid & Heavy-Duty market • Beginning of 2022 SAFE S.p.A. has completed the acquisition of control of Idro Meccanica, a leading company in the hydrogen compression segment, serving main operators in the hydrogen post generation and distribution	• Last March the main shareholder Girefin S.r.l. together with Gireimm S.p.A. announced an agreement for a strategic deal with Itaca Equity Holding, a leading Italian PE, backed by Tamburi Investment Partners and by major Italian family offices • On April 2022 the shareholders' meeting approved a capital increase of 60M€, of which 50M€ guaranteed by NewCo and in July 2022 the Board of Directors approved a Capital increase of around 60M€ • Establishment of a new controlling holding	• The new Board of Directors, appointed for the 2022-2024 period, is composed by: Chairman: Stefano Landi o Deputy Chairman: Sergio Iasi o CEO: Cristiano Musi o Directors: Andrea Landi, Silvia Landi, o Massimo Lucchini Independent Directors: Anna Maria o Artoni, Sara Fornasiero, Pamela Morassi
• With those acquisitions the Group reinforces its leadership in the M&HD market as well as in Hydrogen Compression • The Group will continue to exploit M&A a key driver for value creating	(NewCo) of Landi Renzo Group, through: Transfer of (i) participation (59,1% of LRG o shares) by Gireimm S.p.A. and Girefin S.r.l., which will maintain the majority control of the Group and (ii) 18,1M€ credits of Girefin S.r.l. Up to 39M€ investment in cash by Itaca o Equity Holding for a minority stake	• The new Board of Directors will support the transformation of Landi Renzo Group into a strategic player in the Renewable Natural Gas and Hydrogen Industry • The Group is also reinforcing Management Team with dedicated

Focus on Share Capital Increase

Under the strategic agreement between Landi Renzo's main shareholders (Girefin S.r.l. and Gireimm S.p.A. as holding companies of the Landi Family) and Itaca Equity Holding, the Board of Directors of Landi Renzo has resolved upon the execution of the following structure of the capital increase:

		Share Capital Increase
Focus on Share Capital Increase
increase:
Equity Offering	Around € 59,6M divisible capital increase
Shares Offered	 112.500.000 new shares shareholders of Landi Renzo ordinary  Subscription ratio: one new share for each share held	offered on a pre-emptive basis to the shareholders of Landi Renzo rights for
Subscription price	 € 0,53 per new share  Equivalent to c. 16,09% discount to TERP (based on reference share price of € July, 8th relation to the period July 4th 2022 -	0,63 calculated in 2022)
Subscription commitment	Up to € 50M guaranteed by NewCo
	 Option Rights trading period	July 18th to July 29th, 2022 (included)

Share Capital Increase is aimed at reinforcing the Group's capital structure and sustaining the long-term additional development opportunities (1)

The Capital Increase is the first step to enable the Group Transformation, allowing to re-finance the debt, extend loan duration and to free cash for the implementation of the strategic plan, through organic and inorganic growth

Equity offering utilization (M€)

Re-financing at equity the strategic acquisition of Metatron

Sustain long-term development of the Group

• Cash to be used to leverage increasing value creation through inorganic growth, not considered in the target of the current Strategic Plan

FY 2021 financials

In 2021 Landi Renzo Group's consolidation perimeter was extended to include SAFE&CEC and Metatron

	Green Transportation(1)	Clean Tech Solutions(2)	LRG
M€; %	2021 FY	May-Dec 2021	2021 FY	2020 FY	delta	delta %
Revenues	172,9	69,1	242,0	142,5	+99,5	+69,9%
Adj. EBITDA	7,2	7,4	14,6	8,0	+6,6	+82,3%
% on rev.	4,2%	10,7%	6,0%	5,6%			statements
EBITDA	5,5	7,1	12,6	6,7	+6,0	+89,6%
% on rev.	3,2%	10,2%	5,2%	4,7%
EBIT	-8,3	5,4	-2,9	-5,5	+2,6	n.a.	consolidation (7,4M€)
% on rev.	-4,8%	7,8%	-1,2%	-3,9%
EBT			1,8	-11,4	+13,2	n.a.
% on rev.			0,7%	-8,0%
Net Result			0,5	-7,8	+8,3	n.a.	(8,8M€)
(1) Metatron (2) SAFE&CEC	(Green Transportation) (Clean Tech	fully consolidated Solutions) fully	from August consolidated from May	2021; KLR not included 2021

• +69,9% +82,3% • SAFE&CEC (as of 1st May 2021) and Metatron (as of 1st August 2021) are included in LRG's consolidated financial statements
• +89,6% • Adj. EBITDA up 82,3% to 14,6M€, with a significant contribution from SAFE&CEC consolidation (7,4M€)
• Net Result positively impacted by a consolidation profit connected to the fair value evaluation of SAFE&CEC and calculated as a comparison between the new "fair value" and "equity" method (8,8M€)

Q1 2022 revenues growing by 33,7M€, thanks to the expanded perimeter, with improvement also in terms of Adj. Ebitda

	Transportation	Solutions	LRG
M€; %	Q1 2022	Q1 2022	Q1 2022	Q1 2021	delta	delta %
Revenues	46,3	20,6	66,9	33,3	+33,7	+101,2%
Adj. EBITDA	1,3	1,3	2,7	0,5	+2,2	n.a.
% on rev.	2,9%	6,5%	4,0%	1,5%			business segments
EBITDA	0,5	1,3	1,8	0,4	+1,5	n.a.
% on rev.	1,2%	6,2%	2,7%	1,1%			• Adj. EBITDA benefits from the
EBIT	-3,1	0,6	-2,5	-3,0	+0,5	n.a.
% on rev.	-6,6%	2,9%	-3,7%	-9,0%
EBT			-3,1	-4,1	+1,0	n.a.
% on rev.			-4,6%	-12,4%
Net Result			-3,1	-4,1	+1,0	n.a.

• +101,2% • Revenues growth thanks to the new perimeter, as well as to the increase in both automotive and infrastructure
• business segments Adj. EBITDA benefits from the contribution of SAFE&CEC, with also green transportation doing better compared to Q1 2021. Supply chain shortage and energy cost increase impact on both businesses, eroding full potential revenues and profitability

The Green Transportation business highlights a recovery in both the OEM and AM channels

channels						The Green Transportation business highlights a recovery in both the OEM and AM
	M€ ; %	Q1 2022	Q1 2021(1)	delta	delta %
	Revenues	46,3	33,3	+13,0	+39,2%
	Adj. EBITDA	1,3	0,5	+0,8	+161,2%
Green	% on rev.	2,9%	1,5%
Transportation	EBIT	-3,1	-3,0	-0,1	n.a.
	% on rev.	-6,6%	-9,0%			Costs
	NWC NFP (2)	45,0	35,3	+9,7
		111,7	91,1 (*)	+20,6		2021 vs 23,3% in Q1 2022)

• +39,2% +161,2% • Revenue increased by 39,2% YoY, driven by the good performance of all channels: AM, especially in LatAm and Asia, OEM, due to the growth of LPG sales in Europe and by the addition of Metatron revenues (2,9M€)
• Adj. EBITDA improves thanks to the higher volumes and to a limited increase in Fixed Costs
• NWC increase is mainly due to the new consolidation perimeter, improving in terms of % on revenues 12M rolling (25,5% in Q1 2021 vs 23,3% in Q1 2022)

The Indian JV KLR, not consolidated, keeps growing with the Indian CNG market, which is expected to maintain its positive trend also in the coming years

• The Indian CNG market keeps growing at a steady pace, sustained by Government support and infrastructure development, targeting 52% of India's area and 70% of the population • Some OEM producers were forced to delay
• shipping of new CNG vehicles due to the shortage of electronic components
• KLR revenues driven by the increasing request of the leading OEM customers, which are expanding their CNG carline offering

SAFE&CEC confirms its growth, while improving profitability. As of now the order book and incoming orders would allow to reach management's target for the current year

						Q1 2022 financials
						SAFE&CEC confirms its growth, while improving profitability. As of now the order book and incoming orders would allow to reach management's target for the current year
	M€ ; %	Q1 2022	Q1 2021(1)	delta	delta %
	Revenues	20,6	17,6	+3,0	+17,5%	• Revenue increased 17,5% YoY, driven by the RNG projects in North America, UK and
	Adj. EBITDA	1,3	0,4	+0,9	+159%	France, with growing opportunities in H 2
	% on rev.	6,5%	2,5%			Delay in revenues to Q2 because of the shortage of components
Clean Tech Solutions	EBIT	0,6	-0,2	+0,8	n.a.	• Adj. EBITDA improvement, but still below the
	% on rev.	2,9%	-1,2%			10% target, due to the delay in job completion
						• NWC increase mainly due to the need of stocking larger quantities of low-availability
	NWC	15,7	14,4	+1,3		components and by the increased volumes
	NFP (2)	15,3	4,0(*)	11,3		• NFP impacted by the acquisition of Idro
			(*) at 31.12.2021			Meccanica and by the NWC increase

• +17,5% +159% • Revenue increased 17,5% YoY, driven by the RNG projects in North America, UK and France, with growing opportunities in H2 . Delay in revenues to Q2 because of the shortage of components Meccanica and by the NWC increase
• Adj. EBITDA improvement, but still below the 10% target, due to the delay in job completion
• NWC increase mainly due to the need of stocking larger quantities of low-availability components and by the increased volumes
• NFP impacted by the acquisition of Idro

Landi Renzo Group's net debt has grown mainly due to a new loan of 19,5M€ and to the acquisition of Idro Meccanica • NFP entails the debt for the acquisition of

• -55,2
• -108,7 Idro Meccanica and Metatron • The debt for Metatron's acquisition has been partially converted into an 18,1M€ loan by Girefin, now assigned to NewCo, which is classified under long-term debts • Short-term debts of 2021 have been • Growth of the NFP is mainly to be ascribed to the 19,5M€ loan by Invitalia
• -126,9 0,4 reclassified under long-term debts upon request to the financing banks through consent letter
• -16,3

Landi Renzo S.p.A. Headquarter Cavriago (RE), Italy

Landi Renzo - Company profile

BOARD OF DIRECTORS

BOARD OF DIRECTORS
Stefano Landi – Chairman
Sergio Iasi – Deputy Chairman
Cristiano Musi - CEO
Andrea Landi - Director
Silvia Landi - Director
Massimo Lucchini – Director
Anna Maria Artoni – Independent Director
Sara Fornasiero - Independent Director
Pamela Morassi – Independent Director
SHAREHOLDING

SHAREHOLDING

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts:

Paolo Cilloni Tel: +39 0522 9433 E-mail: ir@landi.it www.landirenzogroup.com

SHARE INFORMATION

Euronext STAR Milan

N. of shares outstanding: 112.500.000

Price as of 14/07/2022: €0,612